摘要
以2009-2016年度沪深两市A股上市公司为研究样本,实证检验了企业研发投入同侪效应的形成机制和个体差异性。研究发现,企业研发投入显著受同侪企业的影响,借助工具变量得到的实证结果表明该结论具有稳健性。企业研发同侪效应的形成机制在于获取其决策相关信息和保持竞争优势。此外,该效应存在个体差异性:具有更低市场地位、风险承担水平和融资约束程度的企业,其研发投入同侪效应更显著。丰富了企业研发投入影响因素和同侪效应存在性的研究成果,也为政府研发产业政策的制定提供有益参考。
Based on the sample of A-share listed firms from 2009 to 2016,this paper empirically examines formation mechanism and individual differences of peer effect on corporate R&D investment. The results show that a firm’s R&D investment is significantly influenced by that of their peer firms. And the instrumental variable regression results show that the conclusion is robust. The formation mechanism of R&D investment peer effect is to obtain useful information for R&D decision and maintain competitive advantage. In addition,there are individual differences within this kind of peer effect. Corporations with lower market position,risk bearing level and financing constraints are more easily influenced by R&D investment peer effect. This study enriches researches about the influence factors of R&D investment and the existence of peer effect. It also provides references for the formulation of government’s R&D industrial policies.
作者
罗福凯
李启佳
庞廷云
LUO Fukai;LI Qijia;PANG Tingyun(School of Management,Ocean University of China,Qingdao 266100,China)
出处
《产业经济研究》
CSSCI
北大核心
2018年第6期10-21,共12页
Industrial Economics Research
基金
国家社会科学基金项目(15BJL021)
教育部人文社会科学青年基金(18YJC630178)
关键词
研发投入
同侪效应
形成机制
个体差异
产业政策
R&D investment
peer effect
formation mechanism
individual differences
industrial policy
